The initiative would create a 15% excise tax on the retail price of recreational marijuana. “The government of California would rake in a substantial amount of revenue from that,” said CSUN economics professor Dennis Halcoussis. The projected revenue from legalization is expected to exceed $1 billion.

Marijuana retailers also expect to make money from the new law. “I think [business] is going to be even better,” said Garden Secrets Medical Marijuana Dispensary owner Tommy Amady.

According to the Los Angeles Times, the revenue that will come from taxes will be used for substance abuse education and treatment programs, environmental improvement, and more.

“Our biggest win, that I think is unprecedented compared to all the others states, is we have a $50 million reinvestment fund that will go to communities previously harmed by the War on Drugs,” said Campaign Program Associate for Californians for Responsible Marijuana Reform, Leslie Otañez.

Voters will have their opportunity to cast their vote on November 8, and decide whether they are ready for a change in the marijuana industry.

CSUN’s On Point takes a close look at the issue of religion in the Presidential campaign: GOP candidate and likely nominee Mitt Romney is in the spotlight, as voters and commentators question the role his Mormon faith will have in his race to the White House.

Guests include: Dr. Greggory DeVore, former Bishop in the Church of Jesus Christ of Latter Days Saints; Leigh Bradberry, an assistant professor in the California State University-Northridge Political Science Department; and Patrick Q. Mason, Howard W. Hunter Chair of Mormon Studies at Claremont Graduate University.